Who Are Buying the New Condos on Cambie Corridor?

According to Magnum Projects Ltd, a marketing company for new developments, the people buying new condos on Cambie Corridor are as follows:

People selling their house in Kerrisdale are downsizing to larger 2 bedroom or 3 bedroom condos with large balconies. Instead of moving to White Rock or Kelowna, these downsizers are now staying within the area where they used to live.

For 1 bedroom or smaller 2 bedroom condos, they are seeing a lot of buyers who are professionals whether single or couple.
For the 1 bedroom condos, they are seeing first time home buyers with parents’ financial help to get into the market.

The price for a brand new 1 bedroom 533 sq ft condo on Cambie right across from QE Park now starts from $446,900.
For 2 bedroom, 759 sq ft starts from $614,900

According to George Wong of Magnum Projects, the price of new condos will continue to rise because costs are increasing. He gave an example that recently, a developer bought 5 houses that cost $10 million more than buying 10 houses next to it 18 months ago. Not only is land value increasing, construction costs are getting higher and the City is charging more to rezone the land. All these added costs will contribute to higher condo prices in the future.

Metro Vancouver Real Estate Ripple Effect


For the month of October 2015, the market remains a strong seller’s market.

In Vancouver West, prices increased by 1.8% for detached homes, increased by 0.98% for townhouses and homes are sold in about 16 to 17 days.

In Vancouver East, median prices increased across all property types. 4.4 out of every 10 single family houses are sold in 10 days and 4.3 out of every 10 townhouses are sold in just 9 days.

In Richmond, prices fell 1.5% to 4% in September but prices started to increase again in October.

We are seeing ripple effects of this hot sellers market in the Fraser Valley now. Our buyers are facing multiple offers situation in Surrey and North Delta with 7 to 10 competing offers on well priced homes.

A 44-year old house in original condition in North Delta asking $729,000 was sold for $768,000 without subjects in 5 days.